The core coverages do not change, but the legal backdrop does. California requires workers compensation at one employee and has some of the strictest employment laws in the country, which raises employment practices liability exposure. Foundations with California staff should plan for that added risk.
FAQ_category: (HIDDEN) Industry FAQs
The core coverages are the same nationwide. New Mexico sets its own workers compensation threshold and corporate filing rules. A foundation operating in New Mexico should confirm those state employer requirements with its agent. Gild is licensed in all 50 states and writes coverage that follows your foundation across state lines.
The core coverages are similar, but the risk shifts. Private and family foundations carry concentrated self-dealing risk. Community foundations add donor-advised fund liability. Corporate foundations face conflict-of-interest exposure from shared board members, which often calls for a separate directors and officers policy.
Yes. The IRS treats reasonable and necessary administrative expenses as qualifying distributions for private foundations. Insurance premiums that protect your foundation’s operations fall inside that definition, so coverage becomes part of your compliance rather than a cost on top of it.
Gild customers pay an average of about $1,000 per year for core coverage. Your foundation’s cost depends on assets, payroll, grant volume, and claim history. Confirm your policy is written on nonprofit forms rather than commercial forms, since the two are priced very differently.